Global capacity expected to rise an additional 25 GW this year to 320 GW - equivalent to meeting entire electricity demand annually for Germany or EU’s total electricity generation from natural gas.
Solar is on track to account for 60% of global renewable power growth in 2022, followed by wind and hydropower.
The European Union addition jumped by almost 30% to 36 gigawatts in 2021 and Europe’s renewable capacity is set to grow more in 2022 and 2023.
Brussels aims to launch a “European Solar Rooftops Initiative” to help cut gas-fueled power and heating in domestic and commercial buildings and move away from Russian fossil fuels, according to a draft seen by Reuters, which is expected to be published next week.
However, 2023 could see a plateau due to a 40% decline in hydropower expansion and little change in wind power additions.
Researchers state “new and stronger policies are needed globally to keep up the momentum.”
As for supply chain problems, renewables are still competitive, as fossil fuels prices rose faster.
“Cutting red tape, accelerating permitting, and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take to address today’s energy security and market challenges, while keeping alive the possibility of reaching our international climate goals”., said Faith Birol, IEA executive director.